The tower will have 39 stories and will be built downtown at the corner of West Third and Colorado, where Sullivan’s Steak House currently sits.
The developer is Riverside Resources and the plans they have put forth to the city include a tower of metal and glass, a restaurant, and a parking garage. It will also include 295 apartments with an average size of 1,150 square feet. It’s likely to be complete by 2019 or 2020.
Downtown residential high-rise construction is booming. Other buildings currently under construction include a 39-story tower by the same developer located at West Fifth Street and West Avenue. That project will have 154 high-end condos.
Riverside Resources was also responsible for the Whitley apartment tower on Brazos. Comprised of 16 stories, that building sold for over $100 million two years ago.
The Independent is also under construction. When complete, it will be 58 stories and have 370 condos. Over 55% of the one to four bedroom condos in the building, which range from the low $400,000s to over $3 million, are already under contract.
Experts believe that many more downtown projects are needed to keep up with demand. By the time the new tower is complete, 200,000 to 250,000 more people will have moved into the Austin area.
The current occupant of the property at 300 Colorado Street, Sullivan’s Steakhouse, isn’t concerned that they will be forced out. Their lease is for several more years, they’ve been there for 20 years, and they don’t believe anyone will build on the spot anytime soon.
Are you looking for a downtown apartment? You’re in luck because there are a lot of great options and you don’t need to wait for the newest high rises to be completed!
AMLI Downtown is a great choice for those desiring a mid-rise apartment building rather than a highrise in the heart of the city. They love large pets, have a fantastic gym, and some units have views of the breathtaking Austin skyline. The apartments have modern concrete floors and black appliances.
The Beverly is in the heart of Austin’s music district and is atop a parking garage so residents always have a place to park. Units include washers and dryers, granite countertops and the community is very pet friendly, with a large pet park on premises.
AMLI on 2nd is a downtown highrise with views of the downtown skyline and Lady Bird lake. Units feature stained concrete floors, walls of windows, granite countertops and stainless steel appliances.
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